Business

South Korea the largest investor

Released at: 12:15, 05/12/2015

Business event hears South Korea has the most investment capital in Vietnamese projects.

by Thu Hoang

South Korea has become Vietnam’s largest foreign investor, with accumulated investment of $43.6 billion as at the end of October, Ambassador of the Republic of Korea in Vietnam, H.E. Jun Dae Joo, told “The Night of CSR (corporate social responsibility) by Korean Entrepreneurs 2015 – Together We Share” event held on the night of December 3.

There are more than 4,100 South Korean enterprises now operating and investing in Vietnam. The scale of bilateral trade for this year between the two countries stood at more than $31.5 billion as at the end of October, higher than the $30.3 billion recorded in 2014. “I believe that after the free trade agreement (FTA) signed in May between Vietnam and South Korea comes into effect the target of bilateral trade reaching $70 billion by 2020, as pledged by leaders from the two countries, is entirely possible,” Ambassador Joo said.

Vietnam appreciates the CSR efforts by South Korean enterprises in the context of investment increasing in terms of scale and expanding in terms of sector, Deputy Minister of Ministry of Planning and Investment Nguyen Van Chung said.

As one of the largest investors in Vietnam, South Korea creates many opportunities for Vietnamese people to take part in the country’s projects, facilities, factories, and enterprises in Vietnam. Each year there are also a large number of Vietnamese employees working in South Korea. “I hope that the governments of the two countries continue to promote and strengthen the bilateral relationship in general and in labor and social efforts in particular,” said Deputy Minister of Labor, Invalids and Social Affairs Dao Hong Lan.

At the event, South Korean enterprises such as Samsung, Doosan, and Miwon reported on their CSR activities in Vietnam during this year. Representatives of 30 South Korean businesses investing and trading in Vietnam awarded scholarships to 30 Vietnamese students who have difficult living conditions but put their best efforts into studying.

The event was organized by the Embassy and the Korea Chamber of Business in Vietnam (KORCHAM) to promote friendship and cooperative relations between the governments and businesses of the two countries.